UPI Transactions

Naidu explained that the 1934 Act had undergone 21 amendments, resulting in ambiguities and contradictions, particularly regarding the powers and functions of internal organisations

RBI has increased the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction

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In a Q&A, the company's CEO dwells on the huge opportunity the payments business provides in India and why there is a sudden rush to acquire an aggregator licence

This new feature could be seen as a substitute for credit card, which has limited reach, experts say

UPI is an instant real-time payments system that allows users to transfer money across multiple banks without disclosing bank account details

Central bank proposal could strengthen digital lending and buy now pay later businesses, says one expert

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How will new income tax rules affect you from April 1? How can India create a global brand? Where will MFs invest when markets bottom out? Will your UPI payments not be free anymore? Answers here

The NPCI quickly clarified that the circular was only pertaining to PPI-based merchant transactions on UPI and the basic UPI transactions remain completely free

Paytm set to gain from interchange fee for merchant payment via wallets on UPI platform

National Payments Corporation of India (NPCI) on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments. However, interchange charges are only applicable for the prepaid payment instruments (PPI) merchant transactions and there is no charge to customers, NPCI clarified in a statement. NPCI has permitted the PPI wallets to be part of interoperable UPI ecosystem and levied 1.1 per cent charge on unified payment interface (UPI) transactions above Rs 2,000 while using PPI. "The interchange charges introduced are only applicable for the PPI merchant transactions and there is no charge to customers, and it is further clarified that there are no charges for the bank account to bank account-based UPI payments (i.e. normal UPI payments)," it said. With this addition to UPI, the customers will have the choice of using any bank account, RuPay Credit card and prepaid wallets on UPI-enabled apps, it said. In recent times, it said, UPI h

As NPCI seeks to integrate digital wallets on the UPI platform is expected to be positive for Paytm, which has a 60 per cent share in wallets

National Payments Corporation of India, through a circular has recommended Prepaid Payment Instrument charges for UPI payments

Paytm UPI LITE brings single-click payments that never fail even when banks have success rate issues during peak transaction hours

Leading digital payments and financial services company Paytm on Monday announced its business operating performance for the two months ended February 2023

Digital payments platform PhonePe has achieved an annualised total payment value run rate of USD 1 trillion, or Rs 84 lakh crore, mainly on account of its lead in UPI transactions, the company said on Saturday. The company claims to have digitised over 35 million offline merchants spread across tier 2, 3, 4 cities and beyond, covering 99 per cent pin codes in the country. "We are delighted to reach the USD 1-trillion annualised TPV run rate. We look forward to turbo-charging the next wave of growth for UPI payments in India with offerings like 'UPI lite', 'UPI international' and 'credit on UPI' to enable greater financial inclusion for Indians," PhonePe head of consumer business Sonika Chandra said in a statement. The company said that the growth is backed by its leadership in the UPI space where it holds over 50 per cent market share by value. "The company has also received an in-principle approval for its PA (payment aggregator) licence from the RBI," the statement said. PhonePe

The objective of the mission, as part of Digital Payments Awareness Week (DPAW) 2023, is to make every citizen in the country opt for digital payments

Paytm Payments Bank Limited (PPBL) on Wednesday said it has gone live with UPI LITE, a feature enabled by the National Payments Corporation of India (NPCI) for multiple small UPI transactions.

The Reserve Bank of India gave a list of apps, which were working with non-bank lenders registered with the central bank, to the government ahead of the ban imposed on some apps earlier this week, officials said on Wednesday. "We have given a list of apps which work with NBFCs (non-banking finance companies) to the government. On that basis, the government has taken this step," Governor Shaktikanta Das told reporters here. Earlier this week, the Ministry of Electronics and Information Technology banned 94 loan apps, which included entities not connected to China as well. It included some apps involved in what reports described as predatory lending with unfair terms, which led to a debt trap for the borrowers. The list of banned apps include 'Buy Now Pay Later' (BNPL) apps such as LazyPay and Kissht. Das said the RBI sought a list of apps the NBFCs registered with it work with, adding that this was done because "there are many illegal and illegitimate apps" which promise to lend by